Orlando Housing Confirms Positive Trajectory for June 2023

The latest data for the Orlando housing market for June 2023 confirms a positive trajectory. With median home prices steadily increasing, a rise in new listings, and a slight uptick in interest rates, the market offers buyers and sellers opportunities to make the most of their real estate investments.

The median home price in June 2023 for the Orlando area stood at $385,000, showing a modest increase from $378,000 in May 2023. This upward trend has been consistent throughout the year, with median home prices experiencing growth each month in 2023. Comparing June 2023 to the same period last year, the median home price was $387,000, a marginal decrease of $2,000. However, the housing prices from June 2022 to June 2023 indicate a relatively resilient market.

While the overall sales experienced a slight decline of 0.8% from May to June, with 3,124 homes sold compared to 3,150 in the previous month, the market remains robust. We should pay attention to the increase in inventory, which rose by 5.8% from May to June, with 5,450 homes available for sale. However, compared to June 2022, the current inventory shows a more modest 0.2% growth. Overall, this indicates a healthy supply of homes, giving buyers more options.

Interest rates in June 2023 rose slightly to 6.7% from 6.6% in May. This translates to a 20.6% increase compared to June 2022 when interest rates were recorded at 5.5%. While the rate hike may impact affordability for some buyers, note that interest rates are still relatively low compared to historical averages.

New listings experienced an increase of 7.1% from May to June, with 3,703 new homes hitting the market. This surge in new listings provides buyers with more properties to choose from, increasing their options in the market.

The June 2023 housing data for Orlando paints an encouraging picture for buyers and sellers. With consistent growth in median home prices, an expanding inventory, and an uptick in new listings, the market is poised to offer favorable conditions throughout the year. Although interest rates have seen a modest increase, they remain relatively low.

Whether you are a buyer or a seller, staying informed about the latest market trends is crucial. As we move through 2023, pay attention to the intricacies of the Orlando housing market and the national statistics for a more comprehensive viewpoint.